Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "Australia Probiotics Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The Australian probiotics market is projected to grow at a CAGR of 3.94% over the forecast period, increasing from US$327.973 million in 2021 to US$429.730 million by 2028.
The growth of the probiotics market in Australia is propelled by a rising awareness of the health advantages associated with probiotics. The increasing popularity of fermented foods further contributes to this trend. Additionally, there has been a notable increase in consumption expenditure per household, rising by 5.9% to reach $104,514 between 2020-21 and 2021-22, according to the Australian Bureau of Statistics. The aging Australian population is another factor as the elderly group is more inclined to incorporate probiotics into their routine to bolster gut health and support their immune system.
The Growing Geriatric Population
Australia is experiencing population aging due to rising life expectancy and falling fertility rates. As of June 2020, around 4.2 million Australians aged 65 and above constituted 16% of the total population. This demographic trend is anticipated to persist, with projections suggesting that by 2066, older individuals will make up 21-23% of Australia's total population. The aging population has led to an increased inclination among elders to incorporate probiotics into their routines, aiming to support gut health and the immune system.
Addressing factors that enhance the health, quality of life, and independence of the elderly is crucial for reducing healthcare costs, and societal burdens, and promoting individual well-being. The focus should extend beyond merely prolonging life to improving its overall quality. Decreased microbial diversity in the gut, common in aging individuals, can contribute to diseases. Probiotics, beneficial microorganisms ingested for health benefits, have the potential to positively influence the gut microbiota. Lactobacilli and bifidobacteria, conventional lactic acid bacterial probiotics, are recognized for their health benefits, leading to a surge in
Animal segment by end-user is expected to grow
Australia's market for animal probiotics is predicted to grow as a result of growing recognition of the value of animal nutrition and health. The animal probiotics industry is expanding as a result of several factors, including an increase in the number of pets owned, increased attention to livestock production, and a shift in the industry towards natural and preventative animal healthcare. To take advantage of the growing demand for probiotics in animal nutrition and health, major companies are planning to place a strong emphasis on product innovation, collaborations with veterinary specialists, and marketing tactics.
The need for livestock probiotics, with an emphasis on improving animal health and productivity, is expected to increase as Australia's meat production rises. Furthermore, manufacturers of probiotics are using innovation to develop customized formulations catered to the particular digestive requirements of meat-producing animals.
Market Key Developments
- In August 2023,Austrianova and ProAgni formalized a significant collaboration by signing a licensing and manufacturing agreement. This agreement signifies an escalation in joint efforts between the two entities, focusing on the development and commercialization of shelf-stable probiotic additives for cattle feed and other farm animals. The partnership reflects a commitment to addressing challenges related to methane reduction and enhancing production in cattle.
- In November 23, 2023,BJP Laboratories introduced a groundbreaking advancement in complementary medicine, the Therapeutic Chewing Gum. Positioned as a potent medical tool, this gum has undergone rigorous dissolution testing, unlocking the secret to optimizing buccal absorption and enhancing the bioavailability of active ingredients including probiotics.
Segmentation:
By Ingredient
- Bacteria
- Lactobacilli
- Bifidobacterium
- Streptococcus Thermophilus
- Yeast
- Saccharomyces Boulardii
- Others
By Form
- Liquid
- Dry
By Application
- Functional Food and Beverages
- Dietary Supplements
- Animal Feed
By End-User
- Human
- Animal
Companies Featured
- Yakult Australia. PTY LTD.
- DuPont
- DANONE
- BJP Laboratories
- Biome Australia Limited
- Life-Space Probiotics
- ProGood
For more information about this report visit https://www.researchandmarkets.com/r/h222w6
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